Hope May 2019 is off to a great start for you. We're pretty glad that April showers are now hopefully out of the way and we'll see some warm weather over the coming days. May of course is one of our favourite months as it kicks off with Mother's Day, and here in the Greater Toronto area, we start to see some significant signs of Spring both in the natural world as well as in the Real Estate world. As usual, in this newsletter, we have a quick market update from April, a little bit of outlook and predictions for the rest of the year, a few interesting reads that we thought worth sharing, and finally some new listings and projects that we're currently involved with. While we always try to stay away from the sales'ee stuff in these communications, our readers continue to ask us on what new projects we're working on. So sharing some exciting ones launched recently or coming up.
Happy rest of May and look forward to connecting with you!!
April finally brought the buyers and sellers back into the market across the GTA. The year-over-year number of sales was up almost 17% while the new listings were a healthy 8% gain from this time last year. This is very much in line with our prediction last month that Spring activity would be a bit delayed this year with April, May, and June to see more activity. Average Sale Price is also up almost 2% from a year ago. We believe that May and June (at least the first half) will continue to be busy times for home sales. It wouldn't be a surprise that GTA avg. sale price will be higher than $820,148.
We know pretty well that real estate prices are very much local in nature. We cannot and should not put 416 and 905 areas in the same bucket when analyzing the numbers. Having said that, it is fairly safe to believe that the market is reaching a "healthy stable".
April Stats By Area
Looking at the numbers above, Mississauga continues to outpace some of the other areas we watch closely with Average Sale Price up 6.4% in April compared to this time last year. On a month-over-month basis though, Toronto was up almost 9% in April from March this year, Mississauga by almost 4% and Oakville by 1.2%. So overall, the market is showing significant signs of "coming back to normal".
WHAT ABOUT THE LUXURY MARKET?
For the Luxury Residential Market (homes SOLD at or over $2 Million), Toronto had a total of 189 sales in April this year compared to 168 last year. This indicates an increase of almost 12.5% from this time last year. Oakville had a total of 15 sales over $2 Million (compared to only 9 last year) and finally Mississauga had 9 sales over $2 Million compared to 7 in April 2018.
Bottom Line: We continue to stay bullish on the greater Toronto market. And it's evident through our own first hand experience of sales last month when one of our listings was on the market for about 11 days with many showings and ultimately 3 strong offers on the table.
If you have any questions, we'd be happy to connect and discuss the market in detail.
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